How do veto votes work on QuipuSwap?

Written by Martin J. Maddox

Updated 1 year ago

Attention! For the last version of QuipuSwap contracts the Veto function was deprecated. From now, veto function will be conducted manually by the team.

LP holders on QuipuSwap can not only vote for specific bakers if they so desire, but they may also use their LPs to veto a specific baker (i.e. ban him from being a baker in a pool for a time).

Generally, shareholders band together to veto a baker if they believe him to be unreliable or if he is "overstaked".

Only a third of staked shares in the Governance section of the pool is required to veto a delegate.

Example: The whole token pool has 100 shares, 90 shares don't participate in the Governance, 10 shares participate. 4 of these 10 shares will be enough to veto a candidate.

The vetoed candidate is banned for 3 months and cannot receive votes during this period. When a candidate is banned the runner-up candidate becomes the delegate.

After staking shares to veto someone successfully, users can withdraw their votes or re-stake them for other bakers.

A user can only cast a veto vote against the current delegate. If a delegate is changed, the total vetos are reset and the locked tokens can be withdrawn by users.

To vote against the current delegate you need to:

1. Go to the "Voting" section;

2. Select the "Veto" tab;

3. Enter the number of LP shares you want to vote against the delegate and click "Veto";

Once the transaction is confirmed, your votes will be counted.

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